Arq, Inc.

Previous wording

Our primary products are comprised of AC, which is produced from a variety of carbonaceous raw materials. Our AC products include both powdered activated carbon ("PAC") and granular activated carbon ("GAC"). Additionally, we own the Five Forks Mine, a lignite mine located in Saline, Louisiana, that currently supplies the primary raw material for the manufacturing of our products. We also control bituminous coal waste reserves and own a manufacturing facility, both located in Corbin, Kentucky (the "Corbin Facility"), and a process to recover and purify the bituminous coal fines. Using the Corbin Facility's manufacturing process, we convert coal waste into a purified, microfine carbon powder ("Corbin Wetcake") for use in high value applications. On August 6, 2025, we announced that we had successfully commissioned our Red River Plant’s GAC Facility (the "GAC Facility") and produced our first commercial volumes of on-specification GAC product. However, after initial production runs, in December 2025, it became clear that ramp-up to nameplate capacity could not be accomplished without further modifications to the existing systems because of design flaws in our GAC Facility, on a standalone basis as well as in combination with the inherent variability of Corbin Wetcake, which we planned to use to manufacture our GAC products. In March 2026, we decided to pause GAC production, continue to idle the Corbin Facility as a cost saving measure, and launch an engineering and production process optimization review, including an evaluation of potential GAC Facility design modifications and production economics at different scales. Additionally, we now expect to transition away from using Corbin Wetcake for the production of our GAC products to a bituminous proven performance coal feedstock, which we believe can more effectively overcome design constraints.

Current wording

Our primary products are comprised of AC, which is produced from a variety of carbonaceous raw materials. Our AC products include both powdered activated carbon ("PAC") and granular activated carbon ("GAC"). Additionally, we own the Five Forks Mine, a lignite mine located in Saline, Louisiana, that currently supplies the primary raw material for the manufacturing of our products. We also control bituminous coal waste reserves and own a manufacturing facility, both located in Corbin, Kentucky (the "Corbin Facility"), and a process to recover and purify the bituminous coal fines. Using the Corbin Facility's manufacturing process, we convert coal waste into a purified, microfine carbon powder ("Corbin Wetcake") for use in high-value applications. On August 6, 2025, we announced that we had successfully commissioned our Red River Plant’s GAC Facility (the "GAC Facility") and produced our first commercial volumes of on-specification GAC product. However, after initial production runs, in December 2025, it became clear that ramp-up to nameplate capacity could not be accomplished without further modifications to the existing systems because of design flaws in our GAC Facility. In March 2026, we decided to pause GAC production, continue to idle the Corbin Facility as a cost saving measure, and launch an engineering and production process optimization review, including an evaluation of potential GAC Facility design modifications and production economics at different scales. Additionally, we now expect to transition away from using Corbin Wetcake for the production of our GAC products to a bituminous coal feedstock with proven performance.

Previous wording

We continue to believe that Corbin Wetcake has the potential to enable us to access new markets and applications. We intend to secure customer interest in Corbin Wetcake as an additive into other markets, such as a component for asphalt, or for use in the purified coal and synthetic graphite industries. In addition, we are exploring uses for certain rare earth minerals and critical elements that can be isolated during the manufacturing process at our Corbin Facility for use in a variety of applications. These applications are currently in various stages of proof of concept testing or preliminary customer testing.

Current wording

We continue to believe that Corbin Wetcake has the potential to enable us to access new markets and applications. We intend to secure customer interest in Corbin Wetcake as an additive into other markets, such as a component for asphalt, or for use in the purified coal and synthetic graphite industries. In addition, we are exploring uses for certain rare earth minerals and critical elements that can be contained within material from the manufacturing process at our Corbin Facility for further recovery and concentration by others. These applications are currently in early stages of proof-of-concept testing or preliminary customer testing.

Previous wording

Drivers of demand and current key factors affecting our profitability are sales of our AC products to the APT market. Our operating results are influenced by: (1) changes in our manufacturing production and sales volumes; (2) changes in price and product mix; (3) changes in coal-fired dispatch and electricity power generation sources; (4) changes in demand for contaminant removal within water treatment facilities; (5) changes in environmental regulations; and (6) state or municipal approval and customer acceptance of our new GAC products.

Current wording

Drivers of demand and current key factors affecting our profitability are sales of our AC products to the APT market. Our operating results are influenced by: (1) changes in our manufacturing production and sales volumes; (2) changes in price and product mix; (3) changes in coal-fired dispatch and electricity power generation sources; (4) changes in demand for contaminant removal within water treatment facilities; (5) changes in environmental regulations; and (6) state or municipal approval and customer acceptance of our new products.

Previous wording

For the three months ended March 31, 2026, we experienced an increase in demand for our products from certain coal-fired dispatch and electricity power generation customers compared to the same period in 2025. This was primarily due to the continued increase in natural gas prices, resulting in several large utility customers opting to use coal versus natural gas as a primary source for power generation, and the year to date impact of moderate to severe temperatures during the winter and summer seasons, resulting in higher demand for power generation. Additionally, demand for power generation has and continues to grow driven by macroeconomic trends, such as increased consumption related to data and computer centers, electric vehicles, and other large scale power consumers. We expect that natural gas prices will remain relatively consistent through 2026 at an elevated level due to increased demand for liquid natural gas exports, and conflict in the Middle East impacting supply, partially offset by increases in anticipated natural gas inventory levels.

Current wording

For the three and six months ended June 30, 2026, we experienced an increase in demand for our products from certain coal-fired dispatch and electricity power generation customers compared to the same period in 2025. This was primarily due to the year-to-date impact of moderate to severe temperatures during the winter and summer seasons, resulting in higher demand for power generation, and the impact of steady natural gas prices, resulting in several large utility customers opting to use coal versus natural gas as a primary source for power generation. Additionally, demand for power generation has grown and continues to grow driven by macroeconomic trends, such as increased consumption related to data and computer centers, electric vehicles, and other large-scale power consumers. We expect that natural gas prices will remain relatively consistent through 2026 at an elevated level due to increased demand for liquid natural gas exports, and conflict in the Middle East impacting supply, partially offset by increases in anticipated natural gas inventory levels.

Previous wording

The decision to pause GAC production, continue idling the Corbin Facility as a cost saving measure, and launch an engineering and production process optimization review was made in March 2026, following the review of independent testing results received in January 2026. This testing demonstrated that our current thermal oxidizer can only support approximately 15 million pounds of annual GAC production, and would require additional modifications to achieve our original design capacity of 25 million pounds or higher. Our analysis indicates that a 15 million pound per year scenario on a stand-alone basis does not provide sufficient returns to make it economically attractive. The optimization review is underway and is expected to determine production scale, capital requirements, and return profiles before we commit to additional investment in our GAC Facility.

Current wording

The decision to pause GAC production, continue idling the Corbin Facility as a cost saving measure, and launch an engineering and production process optimization review was made in March 2026, following the review of independent testing results received in January 2026. This testing demonstrated that the thermal oxidizer in place could only support approximately 15 million pounds of annual GAC production, and would require additional modifications to achieve our original design capacity of 25 million pounds or higher. Our analysis indicates that a 15 million pound per year scenario on a stand-alone basis does not provide sufficient returns to make it economically attractive. The optimization review remains ongoing and is expected to determine production scale, capital requirements, and return profiles before we commit to additional investment in our GAC Facility. We have since expanded the optimization review to include a broader operational assessment of our overall business, which has focused on maximizing furnace throughput and reducing unit costs for each of our products, including our PAC and GAC products.

Previous wording

These constraints emerged as we prepared to transition from our Corbin Wetcake to bituminous proven performance coal, a solution which is expected to address previously announced design and feedstock variability challenges at our GAC Facility. The current issues that we are experiencing with our thermal oxidizer and their impact on the capacity of our GAC Facility stem from the previously disclosed design flaws by the engineering firm originally engaged to design our GAC Facility, with whom litigation remains ongoing.

Current wording

These additional constraints emerged as we prepared to transition from our Corbin Wetcake to bituminous coal with proven performance, a solution which is expected to address previously announced design flaws and constraints at our GAC Facility. The issues that we experienced with our thermal oxidizer and their impact on the capacity of our GAC Facility stemmed from the previously disclosed design flaws by the engineering firm originally engaged to design our GAC Facility, with whom litigation remains ongoing.

Previous wording

Due to the issues described above, we do not expect GAC production in fiscal year 2026.

Current wording

Due to the issues described above, we do not expect GAC production in fiscal year 2026 or 2027.

Previous wording

For the three months ended March 31, 2026, we recognized net loss of $0.8 million, compared to net income of $0.2 million for the three months ended March 31, 2025. The most significant factors impacting results between periods for the three months ended March 31, 2026 and March 31, 2025 were increases in revenue due to increased demand for our products, offset by increases in certain costs, including cost of revenue, due to carry-over costs relating to GAC production, and general and administrative expenses relating to consulting, outside services, and severance associated with the pause in production at our Corbin Facility and assessment of the design of our GAC Facility at the Red River Plant.

Current wording

For the three and six months ended June 30, 2026, we recognized net loss of $0.7 million and $1.9 million, respectively, compared to net loss of $2.4 million and $2.4 million, respectively, for the three and six months ended June 30, 2025. The most significant factors impacting results between periods for the three months ended June 30, 2026 and June 30, 2025 were increases in revenue due to increased pricing and demand for our products, offset by increases in severance expense related to the previously disclosed departures of certain members of our executive team.

Previous wording

For the three months ended March 31, 2026, revenue increased from the comparable quarter in 2025 primarily driven by higher sales volumes of our AC products, which contributed additional revenues of approximately $1.3 million, as well as increases in sales of our other chemical products, which also contributed $1.3 million of total revenue increase. These increases were partially offset by a decrease in revenue attributable to lower pricing mix of products sold, which caused revenue to decrease by $0.7 million from the comparable quarter in 2025. The increase in volumes sold was primarily attributable to sales to customers in the power-generation market, driven by continued higher natural gas prices between periods. The average Henry Hub natural gas spot prices ($/MMBtu) for the three months ended March 31, 2026 and 2025 were $4.79 and $4.15, respectively. Additionally, our revenues continue to be impacted by electricity demand driven by seasonal weather and power generation needs.

Current wording

For the three months ended June 30, 2026, revenue increased from the comparable quarter in 2025 primarily driven by the impact of increased pricing, which contributed additional revenues of $1.3 million, as well as higher sales volumes of our AC products, which contributed additional revenues of approximately $1.0 million of the total revenue increase. These increases were partially offset by a decrease in revenue attributable to lower sales of our chemicals products during the three months ended June 30, 2026, which caused revenue to decrease by $1.1 million from the comparable quarter in 2025. The increases due to higher pricing and volumes sold were primarily attributable to sales to customers in the power-generation market, driven by seasonal electricity demand. Notably, our revenues continue to be impacted by electricity demand driven by seasonal weather and power generation needs.

Previous wording

We expect that revenue will continue to be positively impacted by demand for our PAC products. As we have paused production of our GAC products at our Red River Plant, we expect that gross margin will improve as the impact of fixed production costs related to our GAC products on our gross margin lessens. Further, as we conduct a comprehensive engineering and production process optimization review related to our GAC products, we expect to improve the operational efficiency of PAC production at our Red River Plant and improve our product mix to higher margin products.

Current wording

We expect that revenue will continue to be positively impacted by demand for our PAC products. As we have paused production of our GAC products at our Red River Plant, we expect that gross margin will continue to improve as the impact of fixed production costs related to our GAC products on our gross margin lessens. Further, as we conduct a comprehensive engineering and production process optimization review related to our GAC products, we expect to improve the operational efficiency of PAC production at our Red River Plant and improve our product mix to higher margin products.

Previous wording

Depreciation, amortization depletion and accretion expense increased by approximately $0.4 million for the three months ended March 31, 2026 compared to the corresponding quarter in 2025, primarily due to a significant amount of plant and equipment placed in service during the second half of 2025, partially offset by decreased depreciation expense related to assets at our Corbin Facility, which were impaired during the fourth quarter of 2025.

Current wording

Depreciation, amortization, depletion and accretion expense increased by approximately $0.8 million for the three months ended June 30, 2026 compared to the corresponding quarter in 2025, primarily due to a significant amount of plant and equipment placed in service during the second half of 2025, partially offset by decreased depreciation expense related to assets at our Corbin Facility, which were impaired during the fourth quarter of 2025.

Previous wording

Interest expense decreased for the three months ended March 31, 2026 compared to the corresponding quarter in 2025 primarily due to lower average interest rates on the Company's outstanding debt facilities, partially offset by higher average outstanding balances in the current quarter.

Current wording

Interest expense increased for the three months ended June 30, 2026 compared to the corresponding quarter in 2025 by $0.2 million primarily due to higher average outstanding balances on the Company's outstanding debt facilities in the current quarter.

Previous wording

For the three months ended March 31, 2026 and 2025, we had pretax loss of $0.8 million and pretax income of $0.2 million, respectively. For the three months ended March 31, 2026, we had an effective tax rate of zero and recorded no income tax benefit due to the recording of a full valuation allowance on our deferred tax assets. For the three months ended March 31, 2025, we recorded no income tax expense based on our forecast of pretax loss for the year ended December 31, 2025.

Current wording

For the three months ended June 30, 2026 and 2025, we had pretax loss of $0.7 million and $2.4 million, respectively. For the three months ended June 30, 2026 and 2025, we had an effective tax rate of zero and recorded no income tax benefit due to the recording of a full valuation allowance on our deferred tax assets.

Previous wording

Legal and professional fees increased for the three months ended March 31, 2026 compared to the corresponding quarter in 2025 by approximately $0.5 million, primarily due to additional legal and consulting fees incurred in connection with ongoing litigation, including with our former engineering firm, during the three months ended March 31, 2026.

Current wording

Legal and professional fees increased for the six months ended June 30, 2026 compared to the corresponding period in 2025 primarily due to additional legal and consulting fees incurred in connection with ongoing litigation with our former engineering firm, increased accounting and audit fees, and executive transition costs incurred during the six months ended June 30, 2026.

Previous wording

General and administrative expenses increased for the three months ended March 31, 2026 compared to the corresponding quarter in 2025 by approximately $0.9 million, primarily due to increases in general insurance and recruiting expenses. Also contributing to the increase in general and administrative expense are utilities costs related to the Corbin Facility, which are included in general and administrative expenses, however, previously recorded to Cost of revenue, exclusive of depreciation and amortization.

Current wording

General and administrative expenses increased for the six months ended June 30, 2026 compared to the corresponding period in 2025 by approximately $1.3 million, primarily due to increases in insurance, property tax and recruiting expenses. Also contributing to the increase in general and administrative expense were utilities costs related to the Corbin Facility, which are included in general and administrative expenses, however, previously were recorded to Cost of revenue, exclusive of depreciation and amortization.

Previous wording

To supplement our financial information presented in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP"), we provide certain supplemental financial measures, including EBITDA and Adjusted EBITDA, which are measurements that are not calculated in accordance with U.S. GAAP. EBITDA is defined as earnings before interest, taxes, depreciation and amortization, and Adjusted EBITDA is defined as EBITDA reduced by non-cash gains, increased by share-based compensation expense, other non-cash losses and non-recurring costs and fees. EBITDA and Adjusted EBITDA should be considered in addition to, and not as a substitute for, net (loss) income in accordance with U.S. GAAP as a measure of performance. See below for a reconciliation from net (loss) income, the nearest U.S. GAAP financial measure, to EBITDA and Adjusted EBITDA.

Current wording

To supplement our financial information presented in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP"), we provide certain supplemental financial measures, including EBITDA and Adjusted EBITDA, which are measurements that are not calculated in accordance with U.S. GAAP. EBITDA is defined as earnings before interest, taxes, depreciation and amortization, and Adjusted EBITDA is defined as EBITDA reduced by non-cash gains, increased by share-based compensation expense, executive transition and severance(2), GAC Facility pre-production feedstock, other non-cash losses and non-recurring costs and fees. EBITDA and Adjusted EBITDA should be considered in addition to, and not as a substitute for, net loss in accordance with U.S. GAAP as a measure of performance. See below for a reconciliation from net loss, the nearest U.S. GAAP financial measure, to EBITDA and Adjusted EBITDA.

Previous wording

The following table reconciles net (loss) income, our most directly comparable as-reported financial measure calculated in accordance with U.S. GAAP, to EBITDA and Adjusted EBITDA.

Current wording

The following table reconciles net loss, our most directly comparable as-reported financial measure calculated in accordance with U.S. GAAP, to EBITDA and Adjusted EBITDA.

Previous wording

•cash on hand of $4.7 million, excluding $11.2 million of restricted cash primarily pledged as collateral under a surety bond agreement and escrow for our term loan with Community Trust Bank, Inc. (the "CTB Loan"), described in Note 4 of the Condensed Consolidated Financial Statements included in Item 1 of this Quarterly Report;

Current wording

•cash on hand of $0.9 million, excluding $11.2 million of restricted cash primarily pledged as collateral under a surety bond agreement and escrow for our term loan with Community Trust Bank, Inc. (the "CTB Loan"), described in Note 4 of the Condensed Consolidated Financial Statements included in Item 1 of this Quarterly Report;

Previous wording

•availability under our secured revolving credit facility (the "Revolving Credit Facility"), described in Note 4 of the Condensed Consolidated Financial Statements included in Item 1 of this Quarterly Report; and

Current wording

•availability under our secured revolving credit facility with MidCap Funding IV Trust (the "Revolving Credit Facility"), described in Note 4 of the Condensed Consolidated Financial Statements included in Item 1 of this Quarterly Report; and

Previous wording

Cash and restricted cash increased from $15.0 million as of December 31, 2025 to $15.9 million as of March 31, 2026. The following table summarizes our cash flows for the three months ended March 31, 2026 and 2025:

Current wording

Cash and restricted cash decreased from $15.0 million as of December 31, 2025 to $12.1 million as of June 30, 2026. The following table summarizes our cash flows for the six months ended June 30, 2026 and 2025:

Previous wording

Cash flows provided by operating activities for the three months ended March 31, 2026 was $0.1 million, which represented an increase of $5.9 million from cash used in operating activities for the three months ended March 31, 2025 of $5.8 million. The net increase in cash flow from operating activities was primarily attributable to net changes in working capital resulting in an increase of $3.8 million in cash flow between periods, primarily due to a decrease in the change of accounts payable and accrued expense balances, as well as an increase due to the change in Other long-term assets, net of $2.3 million between periods. These decreases were partially offset by an increase in net loss, exclusive of non-cash adjustments presented, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 of $0.3 million.

Current wording

Cash flows used in operating activities for the six months ended June 30, 2026 were $2.7 million, which represented a decrease of $2.6 million from cash used in operating activities for the six months ended June 30, 2025 of $5.3 million. The net increase in cash flow from operating activities was primarily attributable to an increase in changes in net loss, exclusive of non-cash adjustments presented, and working capital, which contributed increases of $2.8 million and $0.4 million, respectively, in cash flow between periods. The increase in the change in working capital between periods was primarily driven by changes in accounts payable and accrued expense balances. These increases were offset by a decrease in the change in Other long-term assets, net, of $0.6 million in cash flow between periods.

Previous wording

Cash flows used in investing activities decreased for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 by $2.8 million primarily as a result of a decrease in property, plant and equipment additions of $3.0 million from construction activities during the three months ended March 31, 2025 related to the expansion our Red River Plant.

Current wording

Cash flows used in investing activities decreased for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 by $3.5 million primarily as a result of a decrease in property, plant and equipment additions of $3.6 million from construction activities during the six months ended June 30, 2025 related to the GAC Facility at our Red River Plant.

Previous wording

Cash flows provided by financing activities for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 decreased by $0.5 million primarily due to a decrease in net borrowings on our Revolving Credit Facility of $0.4 million and a decrease in repurchase of common stock to satisfy tax withholdings of $0.2 million.

Current wording

Cash flows provided by financing activities for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 decreased by $2.2 million primarily due to a decrease in net borrowings on our Revolving Credit Facility of $2.2 million.

Previous wording

During the remainder of 2026, we expect our capital expenditures to primarily relate to our regularly scheduled plant maintenance and improvements.

Current wording

During the remainder of 2026, we expect our capital expenditures to primarily relate to operational plant maintenance and improvements.

Previous wording

As of March 31, 2026, we had outstanding surety bonds with regulatory commissions totaling $11.2 million primarily related to the Five Forks Mine and the Corbin Facility. As of March 31, 2026, and as required by our surety bond provider, we held restricted cash of $9.2 million pledged as collateral related to performance requirements required under indemnity agreements for the Five Forks Mine and the Corbin Facility. We expect that the obligations secured by these surety bonds will be performed in the ordinary course of business and in accordance with the applicable contractual terms. To the extent that the obligations are performed, the related surety bonds may be released and collateral requirements may be reduced. However, in the event any surety bond is called, our indemnity obligations could require us to reimburse the surety bond provider.

Current wording

As of June 30, 2026, we had outstanding surety bonds with regulatory commissions totaling $11.2 million primarily related to the Five Forks Mine and the Corbin Facility. As of June 30, 2026, and as required by our surety bond provider, we held restricted cash of $9.3 million pledged as collateral related to performance requirements required under indemnity agreements for the Five Forks Mine and the Corbin Facility. We expect that the obligations secured by these surety bonds will be performed in the ordinary course of business and in accordance with the applicable contractual terms. To the extent that the obligations are performed, the related surety bonds may be released and collateral requirements may be reduced. However, in the event any surety bond is called, our indemnity obligations could require us to reimburse the surety bond provider.

Previous wording

Our critical accounting policies and estimates have not changed from those reported in Part II, Item 7 - "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the 2025 Form 10-K.

Current wording

Our other critical accounting policies and estimates are reported in Part II, Item 7 - "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the 2025 Form 10-K.

Previous wording

(a)the future of our GAC Facility and Corbin Facility and the anticipated timing, results, and conclusions of our GAC business optimization review and the actions we may take upon the completion of such review;

Current wording

(a)the future of our GAC Facility and Corbin Facility and the anticipated timing, results, and conclusions of our overall business optimization review and the actions we may take upon the completion of such review, including efforts to maximize throughput and optimize unit costs;

Previous wording

(b)the anticipated benefits of transitioning away from using Corbin Wetcake to a bituminous proven performance coal as a feedstock for our GAC products;

Current wording

(c)the anticipated benefits of transitioning away from using Corbin Wetcake to a bituminous proven performance coal as a feedstock for our GAC products in the future;

Previous wording

(c)financial guidance for fiscal year 2026;

Current wording

(d)financial guidance for fiscal year 2026;

Previous wording

(d)the anticipated effects from fluctuations in the pricing of our AC products, including through expansion into higher-value end markets;

Current wording

(e)the anticipated effects from fluctuations in the pricing of our AC products, including through expansion into higher-value end markets;

Previous wording

(e)expected supply and demand for our AC products and services, including our GAC products;

Current wording

(f)expected supply and demand for our AC products and services, including our GAC and PAC for PFAS™ products;

Previous wording

(f)the seasonal impact on our customers and their demand for our products;

Current wording

(g)the seasonal impact on our customers and their demand for our products;

Previous wording

(g)the future profitability and sustainability of our PAC business;

Current wording

(h)the future profitability and sustainability of our PAC business;

Previous wording

(h)our ability to fund our business over the next twelve months;

Current wording

(i)our ability to fund our business over the next twelve months;

Previous wording

(i)our ability to access new markets for our feedstocks and other products, including renewable natural gas, asphalt, purified coal, rare earth minerals and synthetic graphite markets;

Current wording

(j)our ability to monetize our Corbin Facility and access new markets for our feedstocks and other products, including renewable natural gas, asphalt, purified coal, rare earth minerals and synthetic graphite markets;

Previous wording

(j)any future plant development projects, including incremental growth alternatives, such as adding reactivation or acid washing capacity, and those that may be necessary to remediate design flaws in our GAC Facility, and our ability to finance any such projects;

Current wording

(k)any future plant development projects, that may be necessary to remediate design flaws in our GAC Facility, and our ability to finance any such projects;

Previous wording

(k)the effectiveness of our technologies and products and the benefits they provide;

Current wording

(l)the effectiveness of our technologies and products and the benefits they provide;

Previous wording

(l)probability of any loss occurring with respect to certain guarantees made by Tinuum Group;

Current wording

(m)probability of any loss occurring with respect to certain guarantees made by Tinuum Group;

Previous wording

(m)the timing and amounts of or changes in future revenue, funding for our business and projects, margins, expenses, earnings, tax rates, cash flows, royalty payment obligations, working capital, liquidity and other financial and accounting measures;

Current wording

(n)the timing and amounts of or changes in future revenue, funding for our business and projects, margins, expenses, earnings, tax rates, cash flows, royalty payment obligations, working capital, liquidity and other financial and accounting measures;

Previous wording

(n)the performance of obligations secured by our surety bonds;

Current wording

(o)the performance of obligations secured by our surety bonds;